Michael Saylor has suggested that #Bitcoin would have reached seven to eight figures before mainstream professional advisors start to embrace the asset.
Bitcoin’s adoption is expanding at an astronomical rate globally. The pioneering cryptocurrency has transcended its earlier status as a bubble to inclusion in reserve assets of prominent institutions and is now scaling towards national adoption.
Its price has also increased in tandem with this traction, with Bitcoin surging from its low of around $19,000 following 2022 market crash to an all-time high of $109,000. While these statistics look impressive, a recent analysis has highlighted that Bitcoin still has more ground to cover, especially among top-tier wealth managers.
Over $31T in Wealth Still Locked Away from Bitcoin
Crypto investment firm Tephra Digital shared interesting statistics on exposure to Bitcoin among top US wealth managers. The research tracked the disposition of professional financial advisors toward Bitcoin spot exchange-traded funds, which were launched over a year ago.
While the investment vehicles experienced astronomical traction in their first full year, with the BlackRock Bitcoin ETF becoming the most successful ETF launch in history, a considerable number of top-tier wealth managers still either restrict or entirely prohibit clients from buying Bitcoin. Specifically, over $31 trillion in wealth is still inaccessible to Bitcoin in the United States.
Meanwhile, the data, which Tephra drew from direct conversation with financial advisors, highlighted that inflows worth a staggering $10.32 trillion are locked away due to exposure prohibitions. Notable wealth managers in this category include Vanguard, Edward Jones, and Citibank.
The Bitcoin ETFs would have had access to nearly $21 trillion in wealth had some prominent firms not placed an embargo on exposure to product. For perspective, while financial advisors like Morgan Stanley, JP Morgan, and Goldman Sachs have allowed exposure to Bitcoin ETFs, they have restricted exposure by requiring clients to meet specific criteria.
